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On April， 22nd， Chinese government made a decision that from June 1st， 2015， qualified institutions can apply for “Business license of bankcard clearing” to do bankcard clearing in China. It is noted that China UnionPay also need to apply for the license. An official from China’s central bank said， China UnionPay should follow related rules and regulations to apply for a business license of bankcard clearing.
In order to promote the implementation， China’s central bank would work with CBRC （China Banking Regulatory Commission） to make ‘Regulations on bankcard clearing institutions’， and carry out the review & approval of these applications.
Long Journey for the Opening of Bankcard Clearing Market
China UnionPay Co.， ltd， established in 2002， is China’s first and only bankcard clearing institution. For decades， China UnionPay has built a standard for bankcard clearing， business regulations and trade system. In China， UnionPay is the only choice for payment transaction. According to relevant provi- sions， POS provider should be charged for each card-stamping（70% paid to card-issuing bank； 20% paid to bank provided POS or UnionPay’s subsidiary —‘ChinaUMS’； 10% paid to UnionPay.） Because of this， UnionPay has long been blamed for the monopoly.
In the 1990s， international card organization entered Chinese market. In 1988， MasterCard established Beijing office， and five years later， VISA set up its office in China， too. For many years， China’s bankcard clearing market has still been closed， international bankcard institutions can only share part of Chinese overseas consumption market.
In June， 2010， VISA turned against China UnionPay， blocked off part of China UnionPay’s overseas channel， and finally WTO made a verdict： China UnionPay has no monopoly behavior in Chinese market， but it must open payment & clearing market in China as soon as possible. At this point， China accelerated its opening of payment & clearing market. By the end of last October， executive meeting of the State Council decided to further open bankcard clearing market， qualified institutions both at home and abroad can apply for the establishment of a bankcard clearing institution.
Statistics show， in China， by the end of 2014， there were nearly five billion bankcards marked with ‘UnionPay’， and bankcard permeability was about 50%， which effectively promoted a great-leap-forward development of China’s bankcard industry. Meanwhile， overseas card organizations such as America’s VISA and MasterCard took part in China’s clearing market through providing foreign currency card service， which made Chinese more convenient to purchase goods overseas， and played an active role in promoting service level of China’s payment market and improving service environment. Market Access
Although Chinese bankcard clearing market will be open to outside world， the access threshold is not low.
The applicant is required to be a business entity established based on ‘Company Law of the Peoples Republic of China’； its register capital should be no less than RMB 1 billion； having at least one qualified main investor holding more than 20% shares， or some qualified investors holding more than 25% shares， and the former’s total assets should be no less than RMB 2 billion or net assets not less than RMB 500 million in the past year； more than five years experiences in bank payment or clearing； getting profit for three years in a row； no record of major violation of laws or regulations in recent three years……
“The requirement is relatively high. Five years experiences in bankcard business， which means any institution that conduct payment business after May， 2010 has no right to apply. This will eliminate a large number of institutions.” An official from one institution said.
Who will be the Next UnionPay？
Insiders generally believed that domestic large thirdparty payment institutions and banks are most likely approved. Among them， Alipay and ICBC are the hottest candidates.
As a leader of third-party payment institutions in China， Alipay’s attitude gets attention fully. Related officials from Alipay did not give a clear judgment on whether to apply or when to apply. “ICBC completely has a motivation to apply for the access to RMB clearing market.” An insider said. The motivation comes from two aspects： 1. stimulate capital circulation and the business income； 2. data precipitation caused by the vast cash inflows and limit.
Many third-party payment institutions also expressed their opinions.
Related officials from 99Bill Corporation said， “As an important financial infrastructure system， clearing is developing in an open and sound manner， which will be more beneficial to innovations unit such as 99Bill Corporation.”
Mu Haijie， senior vice president of ChinaPnR said， his company is a fresh troop for the marketization of bankcard acquiring market， and it would like to cooperate with all bankcard issuing organizations and clearing organizations to provide more convenient service and good experience for society， merchant and consumers.
International bankcard organization VISA said that it will study the Decision， and expect relevant regulatory agencies can further enact detailed rules for the implementation. Although having existed in China for 30 years， foreign bankcard organizations can only do offshore business for Chinese bankcard holders. What they expect most is to occupy the market through issuing RMB credit cards in China， thus stimulate holders of these credit cards to consume overseas. But foreign bankcard organizations used to do dual-currency cards， if starting to do RMB card， they are not likely to become a threat to China UnionPay in a short period.
A former manager of a foreign bankcard organization said， in recent two years， issuing bankcard has secretly become a hot trend among foreign bankcard organizations in China. For example， foreign bankcard organizations secretly entered Chinese market through issuing ‘All currencies’ bankcard which can be used in the grey zones. These bankcards have RMB accounts function through foreign exchange purchase process which is unknown to customers. It is estimated that there are at least one millions of such bankcards in the Chinese market.
The former manager also said that foreign bankcard organizations have entered into the second phase of bankcard issuing， they are now issuing EMV card（a credit card with an embedded chip and a magnetic strip）. “Foreign bankcard organizations are putting resources to invest systems in banking terminals in China， spend manpower and material resources to build transaction standards for card transaction， offline transaction and risk control.” He also said， “In order to get ready for the opening of Chinese market， staff number of one foreign bankcard organization has increased to 200 in China now， which is equal to the number in 2008 Beijing Olympic Games.”
So far， it is hard to say who will be the next China UnionPay. Firstly， the requirement for market access is only basic， applicant need to be further studied on its real capability of clearing function. Since bankcard clearing organization is one of the most important financial infrastructures in China， it must be efficient， stable and safe. Secondly， according to international practice， competition in bankcard clearing market can only be a moderate competition and a limited competition， which is usually conform to the scale economy and various interests.
Therefore， the opening of bankcard clearing market should not be pushed toward extremism of issuing a large number of licenses. In the short term， on the one hand， China UnionPay and foreign bankcard organizations may need to apply for new licenses； on the other hand， for a newly established organization， a more reasonable and practical choice is to promote all qualified parties jointly establish a new bankcard clearing organization， thus through introducing competition， endeavor to accelerate the development of the diversification and differentiation of bankcard brand and clearing service. China UnionPay Welcomes the Competition
China UnionPay will be the most affected after the opening of the clearing market. Insiders believe the opening of Chinese bankcard clearing market has affected China UnionPay’s interest. In terms of this， related officials from China UnionPay said， “China UnionPay supports and resolutely implement Chinese government’s decision on opening bankcard clearing market. As a main market-oriented business， China UnionPay will compete with other bankcard clearing organizations in a fair way under the same regulation.”
While VISA and MasterCard are pursuing Chinese market， UnionPay is targeting overseas market. “Cross-border Union-Pay” is one of UnionPay International’s plans for overseas business.
Actually， China UnionPay has already got ready for the opening of the clearing market. By the end of last year， it has put forward the concept of ‘the second undertaking’ and has been gradually retreated to the back of institutional client to provide platform service. According to one third-party payer， in recent two years， China UnionPay’s marketization has improved significantly， and has been seeking innovation and development. But because of the mechanism of state-owned enterprise， the implementation of some ideas was not in place， and the transition is not easy.
The Future of Chinese Bankcard Clearing Market
Cai Hongbo， secretary general of the China Payment and Settlement Association （CPSA） said， “Different competitors offer different bankcard clearing brands and services， thus provide more cooperation opportunities for all parties of the industry， and also give consumers more choices， as well as expand China’s financial opening， promote a healthy market competition and a standardized operation.” Along with the internationalisation of the RMB， the pace of the opening of capital and financial project has been accelerated， including bankcard clearing organizations are bound to be international， and this will bring an unprecedented opportunity for cooperation for all parties.
According to Mu Haijie， senior vice president of ChinaPnR， the Decision will promote China’s payment and clearing market more open and more cooperative. And China’s bankcard industry will be more competitive in the world.
Some experts believe the opening of bankcard clearing market will not only affect UnionPay， but also push the development of the whole clearing industry； both ordinary people and merchants can get profit from this. “More bankcard organizations bring more fierce competition. How to increase clearing efficiency and service level will become these bankcard organizations’ core competitive strength.”
Insiders pointed out that in a fully competitive environment， consumer can not only have various choices while paying by bankcard， but also can get ultimate benefit from the declined rate. For example， catering industry， which has long been criticized for its expensiveness， may lower its card-stamping fees because of competition among bankcard clearing organizations.
In order to promote the implementation， China’s central bank would work with CBRC （China Banking Regulatory Commission） to make ‘Regulations on bankcard clearing institutions’， and carry out the review & approval of these applications.
Long Journey for the Opening of Bankcard Clearing Market
China UnionPay Co.， ltd， established in 2002， is China’s first and only bankcard clearing institution. For decades， China UnionPay has built a standard for bankcard clearing， business regulations and trade system. In China， UnionPay is the only choice for payment transaction. According to relevant provi- sions， POS provider should be charged for each card-stamping（70% paid to card-issuing bank； 20% paid to bank provided POS or UnionPay’s subsidiary —‘ChinaUMS’； 10% paid to UnionPay.） Because of this， UnionPay has long been blamed for the monopoly.
In the 1990s， international card organization entered Chinese market. In 1988， MasterCard established Beijing office， and five years later， VISA set up its office in China， too. For many years， China’s bankcard clearing market has still been closed， international bankcard institutions can only share part of Chinese overseas consumption market.
In June， 2010， VISA turned against China UnionPay， blocked off part of China UnionPay’s overseas channel， and finally WTO made a verdict： China UnionPay has no monopoly behavior in Chinese market， but it must open payment & clearing market in China as soon as possible. At this point， China accelerated its opening of payment & clearing market. By the end of last October， executive meeting of the State Council decided to further open bankcard clearing market， qualified institutions both at home and abroad can apply for the establishment of a bankcard clearing institution.
Statistics show， in China， by the end of 2014， there were nearly five billion bankcards marked with ‘UnionPay’， and bankcard permeability was about 50%， which effectively promoted a great-leap-forward development of China’s bankcard industry. Meanwhile， overseas card organizations such as America’s VISA and MasterCard took part in China’s clearing market through providing foreign currency card service， which made Chinese more convenient to purchase goods overseas， and played an active role in promoting service level of China’s payment market and improving service environment. Market Access
Although Chinese bankcard clearing market will be open to outside world， the access threshold is not low.
The applicant is required to be a business entity established based on ‘Company Law of the Peoples Republic of China’； its register capital should be no less than RMB 1 billion； having at least one qualified main investor holding more than 20% shares， or some qualified investors holding more than 25% shares， and the former’s total assets should be no less than RMB 2 billion or net assets not less than RMB 500 million in the past year； more than five years experiences in bank payment or clearing； getting profit for three years in a row； no record of major violation of laws or regulations in recent three years……
“The requirement is relatively high. Five years experiences in bankcard business， which means any institution that conduct payment business after May， 2010 has no right to apply. This will eliminate a large number of institutions.” An official from one institution said.
Who will be the Next UnionPay？
Insiders generally believed that domestic large thirdparty payment institutions and banks are most likely approved. Among them， Alipay and ICBC are the hottest candidates.
As a leader of third-party payment institutions in China， Alipay’s attitude gets attention fully. Related officials from Alipay did not give a clear judgment on whether to apply or when to apply. “ICBC completely has a motivation to apply for the access to RMB clearing market.” An insider said. The motivation comes from two aspects： 1. stimulate capital circulation and the business income； 2. data precipitation caused by the vast cash inflows and limit.
Many third-party payment institutions also expressed their opinions.
Related officials from 99Bill Corporation said， “As an important financial infrastructure system， clearing is developing in an open and sound manner， which will be more beneficial to innovations unit such as 99Bill Corporation.”
Mu Haijie， senior vice president of ChinaPnR said， his company is a fresh troop for the marketization of bankcard acquiring market， and it would like to cooperate with all bankcard issuing organizations and clearing organizations to provide more convenient service and good experience for society， merchant and consumers.
International bankcard organization VISA said that it will study the Decision， and expect relevant regulatory agencies can further enact detailed rules for the implementation. Although having existed in China for 30 years， foreign bankcard organizations can only do offshore business for Chinese bankcard holders. What they expect most is to occupy the market through issuing RMB credit cards in China， thus stimulate holders of these credit cards to consume overseas. But foreign bankcard organizations used to do dual-currency cards， if starting to do RMB card， they are not likely to become a threat to China UnionPay in a short period.
A former manager of a foreign bankcard organization said， in recent two years， issuing bankcard has secretly become a hot trend among foreign bankcard organizations in China. For example， foreign bankcard organizations secretly entered Chinese market through issuing ‘All currencies’ bankcard which can be used in the grey zones. These bankcards have RMB accounts function through foreign exchange purchase process which is unknown to customers. It is estimated that there are at least one millions of such bankcards in the Chinese market.
The former manager also said that foreign bankcard organizations have entered into the second phase of bankcard issuing， they are now issuing EMV card（a credit card with an embedded chip and a magnetic strip）. “Foreign bankcard organizations are putting resources to invest systems in banking terminals in China， spend manpower and material resources to build transaction standards for card transaction， offline transaction and risk control.” He also said， “In order to get ready for the opening of Chinese market， staff number of one foreign bankcard organization has increased to 200 in China now， which is equal to the number in 2008 Beijing Olympic Games.”
So far， it is hard to say who will be the next China UnionPay. Firstly， the requirement for market access is only basic， applicant need to be further studied on its real capability of clearing function. Since bankcard clearing organization is one of the most important financial infrastructures in China， it must be efficient， stable and safe. Secondly， according to international practice， competition in bankcard clearing market can only be a moderate competition and a limited competition， which is usually conform to the scale economy and various interests.
Therefore， the opening of bankcard clearing market should not be pushed toward extremism of issuing a large number of licenses. In the short term， on the one hand， China UnionPay and foreign bankcard organizations may need to apply for new licenses； on the other hand， for a newly established organization， a more reasonable and practical choice is to promote all qualified parties jointly establish a new bankcard clearing organization， thus through introducing competition， endeavor to accelerate the development of the diversification and differentiation of bankcard brand and clearing service. China UnionPay Welcomes the Competition
China UnionPay will be the most affected after the opening of the clearing market. Insiders believe the opening of Chinese bankcard clearing market has affected China UnionPay’s interest. In terms of this， related officials from China UnionPay said， “China UnionPay supports and resolutely implement Chinese government’s decision on opening bankcard clearing market. As a main market-oriented business， China UnionPay will compete with other bankcard clearing organizations in a fair way under the same regulation.”
While VISA and MasterCard are pursuing Chinese market， UnionPay is targeting overseas market. “Cross-border Union-Pay” is one of UnionPay International’s plans for overseas business.
Actually， China UnionPay has already got ready for the opening of the clearing market. By the end of last year， it has put forward the concept of ‘the second undertaking’ and has been gradually retreated to the back of institutional client to provide platform service. According to one third-party payer， in recent two years， China UnionPay’s marketization has improved significantly， and has been seeking innovation and development. But because of the mechanism of state-owned enterprise， the implementation of some ideas was not in place， and the transition is not easy.
The Future of Chinese Bankcard Clearing Market
Cai Hongbo， secretary general of the China Payment and Settlement Association （CPSA） said， “Different competitors offer different bankcard clearing brands and services， thus provide more cooperation opportunities for all parties of the industry， and also give consumers more choices， as well as expand China’s financial opening， promote a healthy market competition and a standardized operation.” Along with the internationalisation of the RMB， the pace of the opening of capital and financial project has been accelerated， including bankcard clearing organizations are bound to be international， and this will bring an unprecedented opportunity for cooperation for all parties.
According to Mu Haijie， senior vice president of ChinaPnR， the Decision will promote China’s payment and clearing market more open and more cooperative. And China’s bankcard industry will be more competitive in the world.
Some experts believe the opening of bankcard clearing market will not only affect UnionPay， but also push the development of the whole clearing industry； both ordinary people and merchants can get profit from this. “More bankcard organizations bring more fierce competition. How to increase clearing efficiency and service level will become these bankcard organizations’ core competitive strength.”
Insiders pointed out that in a fully competitive environment， consumer can not only have various choices while paying by bankcard， but also can get ultimate benefit from the declined rate. For example， catering industry， which has long been criticized for its expensiveness， may lower its card-stamping fees because of competition among bankcard clearing organizations.